asked
We are married and run an Airbnb property management business together, owning an S-Corp in California that splits everything 50/50. We want to create an LLC to own the house we rent out for legal asset protection. Currently, the house is solely in William's name due to city regulations, but the mortgage is under both our names. We want to know if the LLC must pay the mortgage and property taxes to remain legally viable and if there are tax advantages to running expenses through the LLC instead of the S-Corp. Additionally, we are concerned about the legal implications if someone sues us for an injury on the property, especially if the LLC doesn't handle mortgage payments or property taxes.
July 13th, 2024
I am married and file jointly, making approximately $25,000 annually. I realized when doing my 2022 taxes that my employer has not withheld federal income tax all year. My employer claims that the tax rules changed, and I now don't make enough to have federal tax withheld. However, I now owe over $1,500 in taxes. Is this true, and what should I do?
August 20th, 2024
What states require state filing for 1099, and do I need to file for an NJ-based vendor if I am from FL?
May 26th, 2023
Can you confirm if my understandings regarding taxation of dividends and withdrawals in brokerage accounts, Roth IRAs, and Traditional IRAs are correct? Specifically, I want to know: 1) Are dividends in a non-retirement brokerage account taxable in the year they are paid, regardless of whether they are reinvested or liquidated? 2) Are Roth IRA dividends and withdrawals tax-free? 3) Are Traditional IRA dividends tax-free, with taxation only applying to withdrawals?
July 27th, 2023
I have a problem with the NY state portion of my tax return filed online with TurboTax. It shows adjusted income as $108,688 and an adjustment subtraction of $108,688, resulting in an amount to be taxed by NY of $0. I must have filled something in wrong and I don’t know how to correct it.
September 9th, 2023
I have not received my 2022 state tax refund. When I check the status, it says 'we cannot provide any information.' I have called the state tax agency and received the same message. My accountant filed my taxes electronically on March 9, 2022, and I received my federal refund but not my state refund. What should I do to resolve this issue?
May 25th, 2024